Who is primarily responsible for monitoring audit quality?

The Financial Reporting Council (FRC) quality control review committee is primarily tasked with monitoring audit quality as it has a regulatory oversight role that is essential for maintaining the standards of financial reporting and auditing in the UK. This committee conducts independent assessments of audit firms to ensure that they comply with the relevant auditing standards and ethical guidelines.

The FRC’s mandate includes ensuring that audits are conducted with a high degree of quality and integrity, which protects stakeholders’ interests. Their evaluations are critical because they not only monitor compliance but also promote continuous improvement in audit practices. They have the authority to enforce actions based on their findings, further emphasizing their significant role in safeguarding audit quality.

Other options listed may contribute to audit quality or provide feedback, but they do not carry the same regulatory responsibility or authority for monitoring overall audit quality like the FRC's quality control review committee does. Professional education committees focus on training and education of auditors, self-evaluation teams are more concerned with internal assessments at the firm level, and client feedback committees gather insights from clients rather than providing an overarching review of audit quality on a systemic basis.